Wondering how people get leads when they are PM only companies? Whats the top 5 things people do to tackel this?
Great question @sarah. I know that @kimberley.yeeles and @TimEllis are very good at doing just this and they may be able to give you some suggestions. They are both Property Management Only agencies and have some great new business strategies.
My first thought is building relationships with other businesses who are dealing with the same clients or have complimentary services to yourself - creating referral partners. Mortgage brokers, solicitors, developers, financial advisors, accountants, developers - once you start thinking about it, there is loads of potential out there.
We are a PM only business and I am continually building and maintaining relationships with what I call Network Partners and Referral Partners.
Our biggest referrals come from Turn Key Investment Brokers, Sales Only Agencies, Property Developers, Mortgage Brokers and Other PM agencies that don’t look after the areas we do.
The way in which I started these relationships was simply by contacting them and asking them if I could meet with them for a coffee. From there I pitched what I was looking for in terms of referrals and what service I could guarantee their clients in return. Then I have just continued to nurture the relationship by remaining in constant contact with them. Some of these partners refer me 5 properties a month which is awesome.
Hi Sarah, I find it’s not only 5 sources but so many places that all give a few referrals per year which at the end adds up to a lot. For example, we get maybe 10-15 per year from people just searching on Google, several from tenants, exisiting landlords, some from facebook, some from brokers, a couple here and there from Accountants, I speak at a training company that provides real estate training and I get a heap from there. The biggest success we have had for referrals is developers or the companies that sell investment property on behalf of developers. Depending on volume we do pay referral fees but it works for us really well. Most of the owners are new landlords and are really easy to deal with as well. We rarely go after multiple property owners because business value declines sharply with multiple property owners. None of them ever question the fees either. We do have a referral arrangement with a few sales only businesses as well. Two new arrangements I have just set up came from contacting one of the real estate training organisations and I asked who they were training who were starting their own sales businesses. They gave me some names, had a coffee and now they refer business to us. There is no point trying to setup these arrangements with established businesses in my opinion. It’s too much work for little return trying to win them over. Brand new people starting out are much easier to win over Hope this helps !